Thoughts on oil after Saudi talks?
What are everyone's thoughts on Saudi Arabia's response after the most recent oil talks? Is crude headed back to $120-130 a barrel? Political posturing? Perhaps this is one final spike before a macro downtrend resumes. I decided to go long on futures with the recent news, but I'm trying to set expectations and not get caught off guard. $Camber Energy(CEI.US$ $Imperial Petroleum(IMPP.US$ $Crude Oil Futures(SEP4)(CLmain.US$ $Indonesia Energy(INDO.US$ $ProShares UltraShort Bloomberg Crude Oil ETF(SCO.US$
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bullrider_21 : Saudi Arabia said it will raise production by 1m bpd by 2027. That's practically useless. It is unable to raise production by much in the short term.
Yes, I think there will be 1 final push before the recession. Maybe high oil price and recession are the cures for high oil price itself.
iamafan : Saudi is enjoying high prices now and why want to increase production to bring down prices?
And clearly Biden is not firm enough. The way to show Biden’s sincerity for Saudi to increase production is simply pull out US troops SA.
Please dont tell me production capacity is capped. If this is the real reason, Biden just wasted taxpayer money going SA because there is really no way to increase production
bullrider_21 : Saudi Crown Prince is alleged involved in the murder of Saudi-born US journalist Khashoggi. When Biden confronted the Crown Prince, who is the de facto ruler, about this, do you think he would raise production?
wuyh99 : how to long on futures? wats the function
Giovanni Ayala :
bullrider_21 wuyh99 : You can buy CLmain.US which is the WTI crude oil futures.
Stitch-fu OP bullrider_21 : make sense.
Stitch-fu OP Giovanni Ayala :
Stitch-fu OP bullrider_21 : yep
Stitch-fu OP wuyh99 : As bullrider said
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